According to a notification issued by India Post, if the account balance is not raised to Rs 500 at the end of financial year, a fee of Rs 100 will be deducted as Account Maintenance Fee. In some cases, if the account balance becomes Nil, the account shall stand automatically closed, the notification added.
These new rules are effective from December 11, 2020. Post office savings accounts as of now offer a loan fee of four percent for each annum on both individual and Joint accounts. The notice likewise said that in the event that there has been no exchange movement in a record for three back-to-back monetary years, at that point the record will be treated as quiet or torpid. For such records, new KYC reports and passbook should be submitted alongside an application in the event that the client needs to restore it. At present, everyone needs to open a Post office accounts is Rs 500. The base withdrawal sum is Rs 50, while there is no maximum deposit limit.
Authorities added that this measure will help in tidying up numerous lethargic records which were not being utilized and the assortment of the punishments will help in the maintenance of India Post. As indicated by current standards, just one post office savings account can be opened by a person. India Post likewise offers several small savings schemes.